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Can you withdraw a pension early?

  • 08-12-2008 11:47am
    #1
    TomTom
    Hosted Moderators Posts: 3,290 ✭✭✭


    Hi to all.

    I left my job a few months ago and was doing ok financially but as its Christmas and things are getting very tight I am finding it difficult to make loan payments and the like.

    I recently received the leaving options for my pension from my old work place and was hoping that I could draw down what was in it as this would sort out my money issues until I'm back on my feet in the new year. After a call to the agents for the scheme they informed me I could not take it out in cash. My options are to transfer to another pension scheme with a new employer, transfer to a Personal Retirement Bond, Transfer to a PRSA or deferred pension payable from age 65.

    I do not have a head for finance, I suppose if I did I would not be in this predicament but could someone explain to me what the PRB and PRSA options are and if there is anyway I could withdraw the pension (or part of it) in cash. I've had the pension for over 2 years, thats why they say I can't touch it.


Comments

  • #2
    tHE vAGGABOND
    Registered Users, Registered Users 2 Posts: 6,693 ✭✭✭tHE vAGGABOND


    Nope..

    You have to hit 60 before you can cash it in [the actual age depends on plan to plan, so read your documentation].


  • #3
    kaiser sauze
    Registered Users, Registered Users 2 Posts: 1,558 ✭✭✭kaiser sauze


    It's not possible to cash it in before you are 60.

    Go to the Pensions Board website for an explanation of the investment types you enquired about.


  • #4
    BTI
    Registered Users, Registered Users 2 Posts: 1 ✭BTI


    I was told Could get my pension at fifty ,is this right or is the broker telling porkies.


  • #5
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,856 Mod ✭✭✭✭Henry Ford III


    tHE vAGGABOND wrote: »
    Nope..

    You have to hit 60 before you can cash it in [the actual age depends on plan to plan, so read your documentation].

    Early retirement under an occupational scheme is available from age 50.


  • #6
    tHE vAGGABOND
    Registered Users, Registered Users 2 Posts: 6,693 ✭✭✭tHE vAGGABOND


    See the date of that post, that info was correct in 2008 :)


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  • #7
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,856 Mod ✭✭✭✭Henry Ford III


    tHE vAGGABOND wrote: »
    See the date of that post, that info was correct in 2008 :)

    Early retirement under an occupational scheme has been around a lot longer than that.

    F.A. 1972 I think.


  • #8
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,876 ✭✭✭The J Stands for Jay


    Henry Ford III wrote: »
    Early retirement under an occupational scheme has been around a lot longer than that.

    F.A. 1972 I think.

    But at the moment we have the 30% avc withdrawal.


  • #9
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,856 Mod ✭✭✭✭Henry Ford III


    McGaggs wrote: »
    But at the moment we have the 30% avc withdrawal.

    A completely different matter.

    Early retirement can be taken regardless of whether AVC's were made, and regardless of any withdrawls from them.


  • #10
    NewCorkLad
    Registered Users, Registered Users 2 Posts: 961 ✭✭✭NewCorkLad


    BTI wrote: »
    I was told Could get my pension at fifty ,is this right or is the broker telling porkies.

    Depends on your type of pension we would need more details


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